I installed the Mac 1 pump arm kit myself without the steroid valve. The big improvement was in the solid pumping feel and the adjustable pump rod. The stock FPS was only 640 at 8 pumps with 14.3g pellets. After adjusting the rod for as close to 0 head space as I could get, it went to 665fps on 8 pumps and 720fps on 10 pumps. I was very happy with just the kit. The only other things I did inside the gun were to change to an AS392 exhaust valve, which has a harder seal material, the two spring mod, which makes the first couple of pumps easier, and a super sear which improved the trigger. I also thinned the stock and pump arm wood for a less chunky look.
The method of drilling through the hole in the roll pin then enlarging the resulting small hole on the blind side worked great. Then I punched out the pins with a correct size punch that was the same size as the roll pin outside diameter. They make a special type or roll pin punch but a regular one works fine if it's the right size. Here is a better picture of the stock. I used solid rod instead of the roll pins as I hate those things.
Eric, You may already know this but I will mention it here. When you set up the adjustable pump rod and cup seal take off the outside O rings on the valve before temporarily installing it. This lets you set the rod for zero headspace without the pressure working against you. You will like that kit. It's the bet thing you can do to a 392 in my opinion without sending it in to Mac1.
Does the adhesive backed felt get adhered to the wood pump handle or the tube? I would think either would work with it probably having a nicer appearance attached to the wood grip but probably adhering to the tube more dependably? Also, I will bump my question again. Are the valve springs plated or simply oiled? I assembled the pump mechanism to see if the piston length would need to be increased or decreased and imagined that it would take several iterations to get it dialed in perfectly. Amazingly it came from Mac1 perfectly adjusted. I don't know if it was dumb luck or if he has a fixture that he uses to adjust them, but it was a nice surprise!